City Hall projected that at least 20 percent of the five boroughs’ office space will remain empty through at least 2026.
City Hall projected in budget documents released this week that it expectsThat’s double the pre-pandemic vacancy rate, which sat at about 10 percent — and the first time the vacancy rate has soared above 15 percent for a sustained period of time since the crippling recession of the early 1990s.
“We know post-COVID we’re going to be dealing with a different universe, may go to a four day work week for some,” Adams told the paper. Mayor Eric Adams told The Post’s Editorial Board that ongoing resistance from employees to returning to Manhattan’s office towers will complicate the city’s rebound from the pandemic.Hizzoner has argued repeatedly — and many experts agree — that failing to get white-collar workers back behind their desks in Midtown or Downtown will have domino effects that could further hurt the city’s recovery by reducing the need for many service industry jobs, like cooks, custodians and cleaners.
“The risk to the city is on the commercial property tax side, as these vacancies rise the values of buildings fall,” said Sean Champion, a researcher at the government watchdog group, Citizens Budget Commission.“If values fall, or values grow less quickly, that means ultimately either less revenue or slower growth in property tax revenue. And commercial property tends to pay a disparate share of the city’s property taxes.
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